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TVBS – October 18, 2012, 1:21 PM
Legislators have revealed that the government annually subsidizes four state-owned banks with over 50% public ownership, allowing their employees to enjoy a preferential deposit interest rate of 13%. These banks include the Central Bank, Land Bank, Taiwan Bank, and others, benefiting approximately 15,000 employees. For instance, if an employee deposits NT$5 million, they could earn NT$650,000 in interest alone in one year. Legislators criticized that the national treasury spends nearly NT$4 billion annually on these subsidies, questioning how the treasury wouldn’t go bankrupt. Many citizens complained that they might not even earn NT$650,000 in a year, calling the policy unfair.
After calculations by the Labor Affairs Council, the Labor Insurance Fund is expected to go bankrupt in 15 years, causing widespread concern. Amid this, legislators exposed that four state-owned banks—Taiwan Bank, Land Bank, Central Bank, and the Export-Import Bank of China—offer their employees a high deposit interest rate of 13%, compared to the general public’s rate of only 0.85%–1.49%. This means employees with NT$5 million in deposits could earn NT$650,000 in interest annually without working.
Citizens expressed frustration: "Many people are unemployed or struggling to find jobs. It’s unfair that these bank employees can earn so much without working." Another said, "It certainly doesn’t sound fair."
Despite the Ministry of Finance introducing reforms in 2008, employees who retired before 2008 with pensions under NT$5 million still receive the 13% interest. Those who deposited in different banks after 2008 can still enjoy a 3% interest rate. From 2008 to 2012, the government spent NT$18.4 billion on interest subsidies.
DPP Legislator Pan Men-an remarked, "On average, each of Taiwan’s 23 million citizens, regardless of age or gender, has to pay NT$8,000 in interest subsidies. It’s no wonder the national treasury is struggling."
While the government urges citizens to tighten their belts, warning that future pensions may not be paid, such lavish spending of public funds inevitably fuels public resentment.
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State Bank Staff Enjoy 13% Deposit Rates, Sparking Public Outcry
Legislators have revealed that the government annually subsidizes four state-owned banks with over 50% public ownership, allowing their employees to enjoy a preferential deposit interest rate of 13%. These banks include the Central Bank, Land Bank, Taiwan Bank, and others, benefiting approximately 15,000 employees. For instance, if an employee deposits NT$5 million, they could earn NT$650,000 in interest alone in one year. Legislators criticized that the national treasury spends nearly NT$4 billion annually on these subsidies, questioning how the treasury wouldn’t go bankrupt. Many citizens complained that they might not even earn NT$650,000 in a year, calling the policy unfair.
After calculations by the Labor Affairs Council, the Labor Insurance Fund is expected to go bankrupt in 15 years, causing widespread concern. Amid this, legislators exposed that four state-owned banks—Taiwan Bank, Land Bank, Central Bank, and the Export-Import Bank of China—offer their employees a high deposit interest rate of 13%, compared to the general public’s rate of only 0.85%–1.49%. This means employees with NT$5 million in deposits could earn NT$650,000 in interest annually without working.
Citizens expressed frustration: "Many people are unemployed or struggling to find jobs. It’s unfair that these bank employees can earn so much without working." Another said, "It certainly doesn’t sound fair."
Despite the Ministry of Finance introducing reforms in 2008, employees who retired before 2008 with pensions under NT$5 million still receive the 13% interest. Those who deposited in different banks after 2008 can still enjoy a 3% interest rate. From 2008 to 2012, the government spent NT$18.4 billion on interest subsidies.
DPP Legislator Pan Men-an remarked, "On average, each of Taiwan’s 23 million citizens, regardless of age or gender, has to pay NT$8,000 in interest subsidies. It’s no wonder the national treasury is struggling."
While the government urges citizens to tighten their belts, warning that future pensions may not be paid, such lavish spending of public funds inevitably fuels public resentment.
Source: http:/ / tw. news. yahoo. com/ % E5……8% 8D% E5% 85% AC- 052104666. html;_ylt=Asi70c00LOWz1xXdQY4BJfH0BdF_;_ylu=X3oDMTQwMmthcXVoBG1pdANNb3N0UG9wdWxhciBMaXN0aW5nBHBrZwMzMGZjZWVkMi0zZmE0LTMyMDYtYmZmMi01OThjMzhiNGI4ZTgEcG9zAzUEc2VjA01vc3QgUG9wdWxhcgR2ZXIDZGNlOWE4NDktMThmOS0xMWUyLWJmZWUtYzBhYjU0NjBkOWI5;_ylg=X3oDMTI0b2dlOTRvBGludGwDdHcEbGFuZwN6aC1oYW50LXR3BHBzdGFpZAMEcHN0Y2F0A2hvbWV854ax6ZaA5paw6IGeBHB0A3NlY3Rpb25z;_ylv=3